Aditya Birla Realty eyes Rs 1,700 cr revenue from 1st redevelopment project
Aditya Birla Realty eyes Rs 1,700 cr revenue from 1st redevelopment project
Aditya Birla Real Estate Ltd (ABREL) will redevelop a housing society in Mumbai and expects a revenue of Rs1,700 crore from free-saleable area.
In a regulatory filing, the company said its subsidiary Birla Estates Pvt Ltd has entered into the redevelopment market with its first project in Mumbai Metropolitan Region (MMR). Birla Estates will redevelop Anmol Co-operative Housing Society and Bhartiya Bhavan Co-operative Housing Society in Khar West, Mumbai's Western Suburbs.
The project is being developed under a joint redevelopment arrangement with Parinee Real Estate Builders.
"With a saleable area of 2.9 lakh sq ft, the project has an estimated revenue potential of Rs1,700 crore," ABREL said. Birla Estates develops premium residential housing in key markets. It also has a commercial portfolio with two grade-A commercial buildings located in Worli, Mumbai, with 6 lakh sq ft of leasable area.
